Money Matters, Isn't It?

Mainstream economics, particularly articulated by the Chicago School of which Bernanke is one, said that money didn't matter. John Davis: Most economic models don't have a variable for money. So they looked at the real economy without looking at money, right? Right. Minsky and Kindleberg were both ostracised by mainstream economics - because they never wrote in mathematics. They all are, this is the way the world works, right? Yes. Both of these economists understood that at the centre of the economic system is money and the banking system. And they also understood that you cannot look at the modern Western economy going back to the Industrial Revolution without understanding the role of money. Makes sense